Tag: MENA

TEMECULA, Calif., April 05, 2022 (GLOBE NEWSWIRE) — Cryogenic Industries’ Clean Energy & Industrial Gases Group (Group), a part of Nikkiso Co., Ltd (Japan), is proud to supply one of the largest-known launch support system in the world. For over four decades, they have been providing uninterrupted operating systems (24/7) for the space and launch industry.

These units must supply a continuous operation to fulfill mission tasks. Reliability is critical for a heavy-duty rocket launch, and the pumps need to operate non-stop during the launch. The Group is consistently chosen for its launch support systems due to their 70 years’ experience, level of service and ability to provide local support.

Designed, engineered and manufactured by the Group’s Cryogenic Pumps Unit (Nikkiso ACD) the HD SLS is a robust, highly reliable addition to their reciprocating high pressure/ high flow line of pumps. These pumps and their corresponding systems are specifically designed for the rigorous requirements of this application, including wide turn-down ratios, minimum cool-down time and maximized mean time between overhaul (MTBO).

“We are very proud to play a part in the growing space industry, and to be able to provide the performance and reliability required in such important missions,” according to Daryl Lamy, President & CEO of Nikkiso ACD / Nikkiso Cryo.

Nikkiso ACD has over 70 years of experience with high pressure pumping applications, and thousands in operation during that time.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture engineered cryogenic gas processing equipment and small-scale process plants for the liquefied natural gas (LNG), well services and industrial gas industries. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Cosmodyne and Cryoquip and a commonly controlled group of approximately 20 operating entities.

For more information, please visit www.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:
Anna Quigley
+1.951.383.3314
aquigley@cryoind.com

After Wickfire suffered a devastating loss at the Fifth Circuit Court of Appeals, Wickfire nonetheless continued pursuing meritless claims at a District Court. The District Court rejected Wickfire’s attempts and dismissed Wickfire’s claims permanently. This ends Wickfire’s eight-year lawsuit and provides TriMax with complete vindication

AUSTIN, Texas, April 04, 2022 (GLOBE NEWSWIRE) — Wickfire suffered the latest in an extensive line of litigation defeats to TriMax. This time, a District Court dismissed Wickfire’s meritless claims permanently.

In 2021, an Appellate Court ruled that Wickfire lacked any evidence supporting its multi-million-dollar claims against TriMax. Undeterred by this monumental loss, Wickfire tried its hand once more and failed.

After losing at the Appellate Court, Wickfire moved a District Court to order TriMax pay Wickfire more than $400,000. This led to a flurry of findings and orders against Wickfire:

• In February 2022, Federal Magistrate Judge Susan Hightower found that Wickfire’s motion lacked merit. In reaching her determination, the Magistrate Judge recognized “excessive costs and delays” due to Wickfire’s “litigation tactics.”
• After that, United States District Judge Robert Pitman issued an Order agreeing with the Magistrate Judge’s findings and fully denied Wickfire’s motion.
• On March 15, 2022, the Western District of Texas issued a Final Judgment, finding that Wickfire shall “TAKE NOTHING” on all its claims against TriMax and its principals.
• In the same “TAKE NOTHING” judgment, the District Court declared that Wickfire’s claims shall be “DISMISSED WITH PREJUDICE,” thereby preventing Wickfire from continuing to assert its meritless claims against TriMax in the future.

The orders and findings appear in published opinions from the Fifth Circuit Court of Appeals, Case Number 17-3043040 and the United States District Court for the Western District of Texas, Case No. 1:14-CV-0034-RP.

The lawsuit centered around Google AdWords Auctions, an online-auction platform where companies like TriMax and Wickfire compete for advertising space. Wickfire asserted a series of claims against TriMax, but as to each one, Wickfire failed. Wickfire alleged TriMax intentionally interfered with Wickfire’s contracts, intentionally interfered with Wickfire’s prospective business, and committed civil conspiracy. An Appellate Court found “Wickfire offered no such proof” and declared that each of these claims failed.

After the Appellate Court found an earlier District Court judgment awarding $2.3 million to Wickfire to be erroneous due to the lack of any supporting evidence, the District Court more recently issued the “TAKE NOTHING” judgment. Through the “TAKE NOTHING” judgment, Wickfire received no award and, conversely, was ordered to pay its own attorneys’ fees and costs.

In the same lawsuit, the jury previously found Wickfire LLC and its co-owners, Chet Hall and Jon Brown, to have intentionally interfered with TriMax Media’s business. TriMax argued that Wickfire intentionally interfered with TriMax’s contracts by (1) paying kickbacks to merchant representatives in exchange for exclusivity agreements; (2) impersonating TriMax by placing unauthorized ads that plagiarized TriMax’s ad copy and contained other identifying information of TriMax; (3) repeatedly clicking on TriMax ads in order to artificially increase TriMax’s costs (known as “click fraud”); and (4) using an automated software program to manipulate the Google auction system (known as “bid jamming”).

TriMax presented evidence to the jury that Wickfire had been suspended from over 200 Google accounts, violated merchant terms, and employed fake user agents and proxies to conceal its identity. The jury also saw evidence that Google referred to Wickfire as “Known Fraudsters” and that Wickfire registered the domain name “GoogleClickFraud.com”.

TriMax also presented evidence regarding Wickfire’s destruction of evidence. During the litigation, Wickfire wiped all the data from its Chief Technology Officer, Jon Brown’s, laptop and then failed to disclose that information to TriMax or the District Court. Once TriMax uncovered the destruction, Wickfire claimed it was necessary, since the laptop had been stolen during a home burglary. However, the police report—which TriMax obtained independently after Wickfire failed to produce a copy—contradicted Wickfire’s story because it mentioned nothing about an allegedly stolen laptop.

While the jury heard extensive evidence about Wickfire’s conduct comprising Wickfire’s intentional interference against TriMax (which the jury found to have occurred), some of the most devastating evidence was excluded. For example, the jury was not permitted to see:

• The police report from the burglary;
• Registration documents showing Wickfire as the owner of “BitchesOfFacebook.com” and “PokeBitches.com”;
• An e-mail from a merchant representative who, after refusing to accept the alleged kickbacks, referred to Wickfire as “criminals”;
• Screenshots of Wickfire’s ads impersonating TriMax’s;
• An e-mail from a merchant terminating TriMax after wrongly believing TriMax was the source of the impersonating ads;
• An e-mail from a merchant complaining that Wickfire violated trademark terms and plagiarized TriMax’s ads;
• A lengthy technical report that, according to a world-renowned computer expert, proves conclusively that Wickfire committed extensive click fraud against TriMax;
• A real-time video demonstrating the bid-jamming TriMax experienced;
• A summary of hundreds of TriMax’s merchant contracts interfered with by bid-jamming; and
• E-mails from other competitors of Wickfire complaining about Wickfire’s bidding tactics.

Despite the jury’s finding against Wickfire, Chet Hall, and Jon Brown for intentional interference with TriMax’s business, no damages against Wickfire were awarded. This was, as the District Court noted, a finding reached by the jury after “the jury heard evidence that Google investigated Wickfire’s AdWords bidding and determined it was permissible.”

However, the District Court’s Final Judgment did not disturb the jury’s finding that Wickfire, Chet Hall, and Jon Brown committed the intentional interference in the first place. Thus, the interference finding against Wickfire, Chet Hall, and Jon Brown stands and is final.

Prior to issuing the “TAKE NOTHING” judgment and dismissing Wickfire’s meritless claims permanently, a Magistrate Judge considered a motion to disqualify Wickfire attorney, Katy Hall (formerly known as Katy Atlas). TriMax alleged that while in possession of TriMax’s sensitive documents, Katy Hall began a personal and intimate relationship with Chet Hall (CEO and Co-Founder of Wickfire, and, himself a party to the case), divorced her prior husband, had a child with Chet Hall, and married Chet Hall after he divorced his prior wife. TriMax also alleged that Katy Hall wrongfully accepted an in-house position with Wickfire while in possession of the documents. Katy Hall is currently Chief Operating Officer of Wickfire’s BuyersGuide.org. A Magistrate Judge however, ruled that TriMax could not “meet its heavy burden to prove that disqualification is warranted” and denied the motion to disqualify Katy Hall.

TriMax’s CEO, Laura Woodruff, commented: “After the Fifth Circuit exonerated TriMax in 2021, we were surprised that Wickfire chose to continue asserting meritless claims with the District Court. However, we are pleased with the recent orders by the District Court, which—like the Appellate Court before it—repeatedly rejected Wickfire’s claims for lack of merit. We are, however, still disappointed that Google and the Networks permitted Wickfire to intentionally interfere with TriMax’s business in the first place. Nevertheless, based on the jury’s finding that Wickfire interfered with TriMax’s business—a finding that was not reversed or altered by the recent Final Judgment—we now hope tactics like impersonation of competitors, kickbacks, bid jamming, and click fraud, will no longer be tolerated in the online advertising industry.”

About TriMax Media:

Founded in 2003, TriMax Media is a digital marketing agency specializing in performance-based search engine marketing. TriMax served on the first Google Advertiser Research Council and was one of the first companies to generate over one million leads for its clients utilizing Google AdWords. The agency focuses on creating highly effective search marketing campaigns and developing successful long-term relationships with its clients.

Company Contact:

For questions, please contact:
Barry M. Golden
Egan Nelson LLP
214.893.9034
barry.golden@egannelson.com

The company’s recently launched transformers for floating applications are the first entry into the OceaniQ™ portfolio of solutions that address the unique challenges of the offshore environment

Zurich, Switzerland, April 04, 2022 (GLOBE NEWSWIRE) — Hitachi Energy today launched its OceaniQ™ portfolio(*1) for the offshore energy environment, which will be showcased this week at the annual WindEurope event in Bilbao, Spain. The global technology and market leader in power grids, which has a proven track record(*2) in pioneering solutions for offshore, has created OceaniQ to help accelerate the clean energy transition. OceaniQ will result in greater volumes of wind power being efficiently harvested and integrated into the world’s energy system.

Combining cross-industry competence from the power and marine sectors, OceaniQ addresses applications for fixed platforms, floating structures and sub-sea power systems for wind, marine and other offshore operators. Hitachi Energy rigorously designs its OceaniQ products, services and solutions in collaboration with customers and partners, which are designed to solve the specific needs of offshore energy operators.

Key characteristics of OceaniQ solutions feature a modular design to enable timely installation and the ability to quickly connect energy assets to onshore. OceaniQ solutions take advantage of digitalization, enabling safe and secure remote monitoring and other services such as predictive maintenance. Designs are also ruggedized to withstand harsh marine conditions, minimizing the need for physical service over their lifetime. OceaniQ solutions also embody the rigorous application of lifecycle thinking.

OceaniQ™ transformers for offshore floating applications

The first products to be announced as part of the OceaniQ portfolio are Hitachi Energy’s recently announced transformers for offshore floating applications. Since the first commercial projects in the early 1990s, offshore wind electricity generation has grown enormously, with more than 35 gigawatts(*3) capacity currently worldwide. Yet building offshore brings great challenges beyond the harsh salt-water environment and only a small fraction of the full potential has been exploited. This is because many offshore areas do not have a suitable seabed and beyond 60-meter depths are not optimal for fixed structures.

OceaniQ™ transformers and shunt reactors are key equipment in the grid infrastructure that enables the transmission of electricity generated in offshore wind farms. This full and qualified range of equipment has been developed in partnership with the forefront floating offshore developers. It brings in world-leading experience to meet requirements, featuring a lightweight, compact and modular design that comprises of specially-designed transformer active part, tank and components.

“In OceaniQ, our world-class engineers take pride in pioneering solutions that overcome harsh offshore conditions and ultimately, help society move towards a carbon-neutral future,” said Bruno Melles, Managing Director of Hitachi Energy’s Transformers business. Bruno added, “Floating electrical systems are an important development in the evolution of the offshore renewable industry that will open up tremendous opportunities and unlock new business models that are built on clean power. OceaniQ is fully in the spirit of Hitachi Energy’s Purpose, which is focused on advancing a sustainable energy future for all.”

Alfredo Parres(*4), Head of Renewables at Hitachi Energy commented, “Wind power is one of Earth’s bountiful and free-giving natural resources and through the OceaniQ offshore portfolio, customers will be able to harness and integrate it more efficiently. Alfredo continued, “Through OceaniQ, we are building a more sustainable, flexible and secure energy system by bringing together our experts in offshore applications and wind farm connections to develop and build the solutions needed for a more integrated, interconnected and high-quality power grid. I am excited to be discussing OceaniQ with customers at WindEurope this week and how together, we can continue to pioneer technologies that maximize the full potential of offshore wind.”

This latest portfolio development from Hitachi Energy continues to demonstrate the company’s commitment to pushing the boundaries of innovation for sustainable offshore energy environment solutions, adding to an already extensive offering. The company expects to announce new additions to the OceaniQ portfolio in the coming months. The launch of OceaniQ follows the company’s recent launches of IdentiQ™ – its digital twin solutions for HVDC and power quality – and EconiQ™ – its portfolio of solutions which are proven to deliver an exceptional environmental performance resulting in significant reductions in carbon footprint.

Notes

(*1) Read more about OceaniQ: https://www.hitachienergy.com/oceaniq

(*2)  Three examples of Hitachi Energy’s proven track record in offshore wind:-

• Dogger Bank – connecting the world’s largest offshore wind farm (located off the North East coast of England, UK)
• WindSTAR transformers for offshore wind turbines for major renewable projects in Taiwan
• First-of-its-kind High-voltage hybrid switchgear for offshore wind enabling the reduction of carbon emissions

(*3)  Global Wind Energy Council’s Global Offshore Wind Report 2021

(*4) Read one of Alfredo Parres’ Perspectives on offshore wind: Offshore synergy – combining oil & gas experience with grid technology leadership for sustainable energy | Hitachi Energy

Attachment

• Proven portfolio for harsh offshore conditions

Rebecca Bleasdale
Hitachi Energy Ltd.
+41 78643 2613
rebecca.bleasdale@hitachienergy.com

DUROR, Scotland, March 31, 2022 (GLOBE NEWSWIRE) — On Monday 28th March 2022, conservation company Highland Titles achieved a new GUINNESS WORLD RECORD® for the world’s biggest bug/insect hotel, which means Highland Titles are “Officially Amazing!”®

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6d0e716-dbd2-4737-934d-660fac898b70

The 199.9 cubic metre structure is located on the Highland Titles Nature Reserve at Duror in the Scottish Highlands and already houses a variety of species. It breaks the previous world record of 89.37 cubic metres, which was held by the Polish Association of Developers in Warsaw, Poland.

The world record-breaking bug hotel was made using felled sitka spruce from the nature reserve, masonry bricks, bamboo canes, wood chips, forest bark, wildflower seeds, clay pipes and strawberry netting.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8f7ca5a3-5c5c-4d71-a475-daceb2ca6aff

“This record-breaking initiative is about the environmental message,” says Douglas Wilson, CEO of Highland Titles. “We bought this land in 2006 when it was a poorly performing commercial forestry plantation of non-native Sitka Spruce.

“Like much of the Highlands, it was inappropriately planted in the late 1980s with no thought or consideration given to biodiversity. Using these same trees for something that puts nature first symbolises that the world has changed, and we hope our efforts will inspire others. We’d be delighted if someone beat our record in the future!”

Nature Reserve Manager, Stewart Borland, was part of a team of 7 who were involved in its construction which started in September 2021 and was completed in early March 2022. In addition to the environmental message, Mr Borland hopes that it encourages people to visit:

“In 2019, we had more than 10,000 visitors to the nature reserve from all over the world. The pandemic really put a dent in our visitor numbers, so we hope that this – together with the new track which is adored by cyclists – will encourage people to visit now that travel is opening up again. The more visitors we get, the more people can see the work that we’re doing.”

About Highland Titles

Highland Titles began in 2006 with a mission to conserve Scotland, one square foot at a time. The conservation project – now encompassing 5 nature reserves and over 800 acres of Scottish wilderness – is funded by selling gift-sized souvenir plots of land.

The Highland Titles community of souvenir plot owners are invited to style themselves as the Lords and Ladies of Glencoe™. Over 300,000 plots of land have been sold to date.

The Highland Titles Nature Reserve near Glencoe is an official 4* tourist attraction and, according to Trip Advisor, one of the most popular nature reserves in the country.

Resources

For more information on the World’s Biggest Bug Hotel, visit here

For more photographs or video content, please email support@highlandtitles.com with your email address, name and phone number

Contact

Douglas Wilson, CEO
douglas@highlandtitles.com

Risk of symptomatic COVID-19 was reduced by 71% compared to placebo in pre-exposure prophylaxis and 75% compared to placebo in post-exposure prophylaxis

Risk of hospitalization or death in participants with mild to moderate COVID-19 was reduced by 66% compared to placebo in the primary efficacy analysis population and by 77% compared to placebo in participants who received treatment within three days of symptom onset

Full year and fourth quarter 2021 financial results reported; $591 million in cash and investments expected to be sufficient to fund operations into second half of 2024

WALTHAM, Mass., March 30, 2022 (GLOBE NEWSWIRE) — Adagio Therapeutics, Inc. (Nasdaq: ADGI), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of antibody-based solutions for infectious diseases, reported that the primary endpoints were met with statistical significance for all three indications in the company’s ongoing global Phase 2/3 clinical trials evaluating its investigational drug adintrevimab (ADG20) as a pre-and-post-exposure prophylaxis (EVADE) and treatment (STAMP) for COVID-19. EVADE and STAMP were primarily conducted during a time when pre-Omicron SARS-CoV-2 variants were dominant. Following the emergence of the Omicron variant, in a pre-specified exploratory analysis in a subset of the pre-exposure cohort, a clinically meaningful reduction in cases of symptomatic COVID-19 was observed with adintrevimab compared to placebo. Across both trials, a single intramuscular (IM) administration of adintrevimab at the 300mg dose had a similar safety profile to that of placebo. Based on these data, Adagio plans to engage with the U.S. Food and Drug Administration (FDA) and to submit an Emergency Use Authorization (EUA) application in the second quarter of 2022 for adintrevimab for both the prevention and treatment of COVID-19.

In addition, Adagio provided an update on its ongoing Phase 1 study evaluating adintrevimab at higher doses and on research activities related to adintrevimab re-engineering and the identification of new antibodies to potentially address COVID-19 and other viruses.

“COVID-19 continues to pose significant challenges globally as waning immunity combined with the emergence of resistant variants has led to ongoing waves of disease. We believe that a suite of options – spanning prophylaxis and treatment – is needed to effectively address this virus as it continues to evolve, and these data give us confidence in the potential role adintrevimab can play in physicians’ arsenals,” said David Hering, MBA, interim chief executive officer and chief operating officer of Adagio. “Based on the data from both EVADE and STAMP, including the impacts observed in preliminary analyses from participants enrolled after the emergence of the Omicron variant, our team is initiating discussions with the FDA and preparing an EUA submission for adintrevimab. With more than one million doses of adintrevimab secured for 2022 and a solid financial position expected to take us into the second half of 2024, we are optimistic about the road ahead and the impact adintrevimab could have for the many people around the globe, particularly those at high risk with co-morbidities, who continue to need options.”

Michael Ison, M.D., M.S., professor of Medicine in the Division of Infectious Diseases and of Surgery in the Division of Organ Transplantation, Northwestern University Feinberg School of Medicine, added, “the compelling data generated on adintrevimab in both of Adagio’s clinical trials represent an important step toward further addressing the continuation of the COVID-19 pandemic. I am particularly encouraged by the consistent treatment effect observed across all three clinical settings and patient subpopulations, and the favorable safety profile, with just a single dose and convenient IM delivery for all patients. The risk-reduction in the post-exposure prophylaxis setting regardless of serostatus translates to real-world use when clinicians might not know the vaccination or prior infection status of their patients. In the STAMP trial, adintrevimab showed prevention of hospitalization and death in the face of the ‘highest-risk’ variant (Delta) to-date.”

EVADE Preliminary Data
EVADE is a global, multi-center, double-blind, placebo-controlled Phase 2/3 clinical trial evaluating adintrevimab at the 300mg IM dose in two independent cohorts for the prevention of COVID-19. The study includes a pre-exposure prophylaxis (PrEP) cohort and a post-exposure prophylaxis (PEP) cohort. The study population is comprised of adults and adolescents at risk of SARS-CoV-2 infection due to reported recent exposure or whose circumstances placed them at increased risk of acquiring SARS-CoV-2 infection and developing symptomatic COVID-19.

In the primary efficacy analysis of the PrEP cohort, adintrevimab was associated with a lower incidence of symptomatic COVID-19 compared with placebo through month three or the emergence of Omicron, whichever was earlier (12/730, 1.6% vs. 40/703, 5.7%, respectively). The standardized risk difference was -4.0% (95% CI –6.0, -2.1; p <0.0001), demonstrating a 71% relative risk reduction in favor of adintrevimab through three months. There were five (0.7%) COVID-19 related hospitalizations in the placebo group compared to none in the adintrevimab group. In a pre-specified exploratory analysis of the PrEP cohort, which included 402 participants (196 and 206 in the adintrevimab and placebo groups, respectively) following the emergence of Omicron (BA.1), a clinically meaningful reduction in cases of symptomatic COVID-19 was observed with adintrevimab, as compared to placebo. Adintrevimab was associated with a relative risk reduction of 59% and 47% with a median follow-up duration of 56 and 77 days, respectively (nominal p <0.05).

In the primary efficacy analysis in the PEP cohort, adintrevimab met statistical significance and was associated with a lower incidence of symptomatic COVID-19 through day 28 compared with placebo (3/173, 1.7% vs. 12/175, 6.9%, respectively). The standardized risk difference was -4.9% (95% CI: -8.8, -1.0; p=0.0135), demonstrating a 75% relative risk reduction in favor of adintrevimab through 28 days. There were two (1.1%) COVID-19 related hospitalizations in the placebo group compared to none in the adintrevimab group.

In the EVADE cohorts across 1,239 adintrevimab-treated participants with a median range of follow up of 140 days for the PrEP cohort and 126 days for the PEP cohort as of the March 2, 2022, data cut off, the safety profile was similar to that of placebo. The incidence of adverse events (AEs), including serious adverse events (SAEs), was similar between adintrevimab and placebo groups. No study drug related SAEs, including deaths, were reported. The most frequently reported AEs were injection-site reactions, the majority of which were mild or moderate in severity and occurred with similar frequency in both groups.

STAMP Preliminary Data
STAMP is a global, multi-center, double-blind, placebo-controlled Phase 2/3 clinical trial evaluating adintrevimab at the 300mg IM dose in patients with mild to moderate COVID-19 who are at high risk for disease progression. Adintrevimab was associated with a statistically significant lower incidence of COVID-19 related hospitalization or all cause death through day 29 compared with placebo (8/169, 4.7% vs. 23/167, 13.8%), with a standardized risk difference of -8.6% (95% CI: -14.65, -2.57; p=0.0052), demonstrating a 66% relative risk reduction in favor of adintrevimab. There was one death (0.6%) in the adintrevimab group, compared with six deaths (3.6%) in the placebo group through day 29. In patients treated within three days of symptom onset (adintrevimab n=91, placebo n=85), adintrevimab reduced the risk of COVID-19 hospitalization or death from any cause by 77% compared to placebo. STAMP enrolled 63 participants (29 in the adintrevimab group and 34 in the placebo group) with COVID-19 infection with the Omicron SARS-CoV-2 variant. There were two events of COVID-19 related hospitalization and no deaths through day 29 among the patients with the Omicron variant, and both events of hospitalization occurred in the placebo group.

In STAMP, across 192 adintrevimab-treated participants with a median follow up of 73 days in the adintrevimab group as of the February 2, 2022, data cut off, the incidence of AEs, including SAEs, was lower in the adintrevimab group. No study drug related SAEs, including deaths, were reported. The most frequently reported AEs were injection-site reactions, all of which were mild or moderate in severity and occurred with similar frequency in both groups.

“On behalf of the entire Adagio team, I’d like to thank the numerous investigators, clinical teams and, most importantly, the patients, families and caregivers for their participation in our clinical trials. We are encouraged by the data and look forward to submitting an EUA and discussing these results with the FDA and other regulatory authorities. Further, we are continuing our research efforts to improve adintrevimab activity against Omicron and identify antibodies targeting novel domains, which will provide potential additional product candidates to take into clinical development. Collectively, these efforts showcase the ability of our platform and expertise to discover, design and engineer novel antibodies, and execute global clinical trials, to potentially address infectious diseases,” said Ellie Hershberger, Pharm.D., chief development officer of Adagio.

Additional Development and Research Updates
Adagio continues to leverage its platform and expertise by conducting numerous efforts to address COVID-19, other coronaviruses, influenza and other infectious diseases, including:

• Advancing a Phase 1 trial in healthy volunteers to evaluate pharmacokinetics and safety of additional higher doses of adintrevimab to supplement the data generated to date, which has evaluated doses up to 600mg IM. Preliminary safety data through two weeks post-dosing suggest a favorable safety profile at the 1200mg dose administered with IM injection or intravenously (IV).
• Ongoing efforts to modify adintrevimab to improve binding to the Omicron subvariants (BA.1 and BA.2) in order to enhance neutralization potency while retaining the broad neutralization observed in vitro against other SARS-CoV-2 variants of concern. Re-engineered variants of ADG20 show over 100-fold improvement in binding and up to 40-fold enhanced neutralizing activity against the Omicron BA.1 variant while maintaining activity against all other variants of concern tested to date.
• Ongoing discovery efforts to assess additional monoclonal antibodies from the company’s proprietary library of previously isolated SARS-CoV-2 antibodies for neutralization breadth and potency, which could be developed as a standalone treatment or combination therapy. Novel antibodies isolated from Omicron breakthrough infection donors have displayed in vitro activity against the 2003 SARS virus and all SARS-CoV-2 variants of concern tested to date, including the BA.1 and BA.2 variants.
• Continuing discovery efforts to identify novel, broadly neutralizing antibodies that target epitopes both within and outside the receptor binding domain of SARS-CoV-2 and pan betacoronavirus neutralizing antibodies.

Full Year and Fourth Quarter 2021 Financial Results

• Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities were $591.4 million as of December 31, 2021. Based on current operating plans, Adagio expects its existing cash, cash equivalents and marketable securities will enable the company to fund its operating expenses and capital expenditure requirements into the second half of 2024.
• R&D Expenses: Research and development (R&D) expenses, including in-process research and development expenses, were $68.4 million for the quarter ended December 31, 2021, and $190.4 million for the year ended December 31, 2021.
• SG&A Expenses: Selling, general and administrative (SG&A) expenses were $14.7 million for the quarter ended December 31, 2021, and $36.5 million for the year ended December 31, 2021.
• Net Loss: Net loss was $83.0 million, or $0.77 basic and diluted net loss per share, for the quarter ended December 31, 2021, and $226.8 million, or $5.32 basic and diluted net loss per share, for the year ended December 31, 2021.

About Adintrevimab
Adintrevimab (ADG20), Adagio’s lead product candidate, is designed to be a potent, broadly neutralizing antibody for both the prevention and treatment of COVID-19, including disease caused by most variants, as either a single or combination agent. Adintrevimab is being assessed in two separate Phase 2/3 clinical trials: the EVADE trial for the prevention of COVID-19 in both the post-exposure and pre-exposure settings, and the STAMP trial for the treatment of COVID-19. Preliminary data from these trials demonstrated that in the pre-Omicron population, adintrevimab met the primary endpoints across all three indications, demonstrating statistically significant and clinically meaningful efficacy. Across each of the trials, intramuscular (IM) administration of adintrevimab at the 300mg dose had a similar safety profile to that of placebo. Adintrevimab is also being evaluated in a Phase 1 study to evaluate safety and pharmacokinetics at higher doses, and as of an interim data cut, no study drug related adverse events, serious adverse events, injection-site reactions or hypersensitivity reactions were reported across all dose levels evaluated. Adintrevimab is an investigational monoclonal antibody that is not approved for use in any country. The safety and efficacy of adintrevimab have not been established.

About Adagio Therapeutics
Adagio (Nasdaq: ADGI) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of differentiated products for the prevention and treatment of infectious diseases. The company is developing its lead product candidate, adintrevimab, for the prevention and treatment of COVID-19, the disease caused by the virus SARS-CoV-2 and its variants. Beyond COVID-19, Adagio is leveraging robust antibody discovery and development capabilities that have enabled expedited advancement of adintrevimab into clinical trials to develop therapeutic or preventative options for other infectious diseases, such as additional coronaviruses and influenza. Adintrevimab is an investigational monoclonal antibody that is not approved for use in any country. The safety and efficacy of adintrevimab have not been established. For more information, please visit www.adagiotx.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “could”, “expects,” “intends,” “potential”, “projects,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning, among other things, the timing, progress and results of our preclinical studies and clinical trials of adintrevimab, the review and analysis of data from our ongoing trials and the timing thereof, the initiation, modification and completion of studies or trials and related preparatory work, and our research and development programs; our plans related to engaging with regulatory authorities, including the timing of any regulatory submissions or applications; our pursuit of other strategies to broaden our portfolio of SARS-CoV-2 mAbs to address other SARS-CoV-2 variants of concern, including the Delta and Omicron variants; our discovery efforts to identify novel broadly neutralizing antibodies that target distinct epitopes both within and outside the receptor binding domain of SARS-CoV-2 and other beta coronaviruses; our expected cash runway; and other statements that are not historical fact. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements, including, without limitation, the impacts of the COVID-19 pandemic on our business and those of our collaborators, our clinical trials and our financial position, unexpected safety or efficacy data observed during preclinical studies or clinical trials, the predictability of clinical success of adintrevimab based on neutralizing activity in pre-clinical studies, variability of results in models used to predict activity against SARS-CoV-2 variants of concern, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, and the uncertainties and timing of the regulatory approval process, including the outcome of our discussions with regulatory authorities concerning our Phase 2/3 clinical trials and the result of any emergency use application submission. Other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading “Risk Factors” in Adagio’s Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (the “SEC”), and in our other filings with the SEC, and in Adagio’s future reports to be filed with the SEC. Such risks may be amplified by the impacts of the COVID-19 pandemic.  Forward-looking statements contained in this press release are made as of this date, and Adagio undertakes no duty to update such information except as required under applicable law.

Contacts
Media Contact:
Dan Budwick, 1AB
dan@1abmedia.com

Investor Contact:
Monique Allaire, THRUST Strategic Communications
monique@thrustsc.com

ADAGIO THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share amounts)

		December 31,
			2021				2020
Assets
Current assets:
Cash and cash equivalents		$	542,224			$	114,988
Marketable securities			49,194				—
Prepaid expenses and other current assets			25,293				2,394
Total current assets			616,711				117,382
Property and equipment, net			83				—
Other non-current assets			3,297				—
Total assets		$	620,091			$	117,382
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable		$	5,783			$	8,153
Accrued expenses			56,277				4,919
Total current liabilities			62,060				13,072
Early-exercise liability			6				11
Other non-current liabilities			6				—
Total liabilities			62,072				13,083
Commitments and contingencies
Convertible preferred stock (Series A, B and C), $0.0001 par value; no shares authorized, issued and outstanding at December 31, 2021; 12,647,934 shares authorized, issued and outstanding at December 31, 2020; aggregate liquidation preference of $0 and $169,900 at December 31, 2021 and December 31, 2020, respectively			—				169,548
Stockholders’ equity (deficit):
Preferred stock (undesignated), $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31 2021; no shares authorized, issued and outstanding at December 31, 2020			—				—
Common stock, $0.0001 par value; 1,000,000,000 shares authorized, 111,251,660 shares issued and 110,782,909 shares outstanding at December 31, 2021; 150,000,000 shares authorized, 28,193,240 shares issued and 5,593,240 shares outstanding as of December 31, 2020			11				1
Treasury stock, at cost; 468,751 shares and 22,600,000 shares at December 31, 2021 and December 31, 2020, respectively			—				(85	)
Additional paid-in capital			850,125				154
Accumulated other comprehensive loss			(8	)			—
Accumulated deficit			(292,109	)			(65,319	)
Total stockholders’ equity (deficit)			558,019				(65,249	)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)		$	620,091			$	117,382

ADAGIO THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
(In thousands, except share and per share amounts)

		Year Ended December 31, 2021				Period from June 3, 2020 (Inception) to December 31, 2020
Operating expenses:
Research and development(1)		$	182,891			$	21,992
Acquired in-process research and development(2)			7,500				40,125
Selling, general and administrative			36,517				3,210
Total operating expenses			226,908				65,327
Loss from operations			(226,908	)			(65,327	)
Other income (expense):
Other income (expense), net			118				8
Total other income (expense), net			118				8
Net loss			(226,790	)			(65,319	)
Other comprehensive income (loss):
Unrealized loss on available-for-sale securities, net of tax			(8	)			—
Comprehensive loss		$	(226,798	)		$	(65,319	)
Net loss per share attributable to common stockholders, basic and diluted		$	(5.32	)		$	(18.10	)
Weighted-average common shares outstanding, basic and diluted			42,621,265				3,608,491

(1)  Includes related-party amounts of $4,150 for the year ended December 31, 2021 and $595 for the period from June 3, 2020 (inception) to December 31, 2020.
(2)  Includes related-party amounts of $7,500 for the year ended December 31, 2021 and $39,915 for the period from June 3, 2020 (inception) to December 31, 2020.

TEMECULA, Calif., March 29, 2022 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) group of companies, is pleased to announce that Umit Ciftci has been named Regional Business Development Manager for Turkey and the surrounding areas.

Based in Istanbul Turkey, he will be responsible for the Group’s full product line, and will report to Ole Jensen, NCE&IG GmbH Germany.

Umit received a degree in Management Engineering, which provided a solid background in engineering as well as business and finance. He has over 25 years of experience in Compressed Air working at various positions including sales engineer, marketing and business line manager in Turkey and Business Development Manager in UAE for Atlas Copco.

“Umit’s experience, as well as market and industry knowledge will be of great benefit to NCEIG GmbH, as we work to develop the potential opportunities in this market. We look forward to his positive contributions,” according to Ole Jensen, Vice President NCEIG Europe.

With this addition, Nikkiso continues their commitment to be both a global and local presence for their customers.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture engineered cryogenic gas processing equipment and small-scale process plants for the liquefied natural gas (LNG), well services and industrial gas industries. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Cosmodyne and Cryoquip and a commonly controlled group of approximately 20 operating entities.

For more information please visit www.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:
Anna Quigley
+1.951.383.3314
aquigley@cryoind.com